Business Services Industry
Kentucky-American Water's German Owner to Cut 1,000 Jobs Worldwide.
Knight Ridder/Tribune Business News, June, 2003
By John Stamper, Lexington Herald-Leader, Ky. Knight Ridder/Tribune Business News
Jun. 2--The German owner of Kentucky-American Water Co. said yesterday it will cut about 1,000 jobs around the world over the next two years as part of a restructuring effort designed to reduce costs.
The new structure, which RWE AG plans to put into place by Oct. 1, will see the company reduce its number of business units from 13 to seven. The plan has the potential to produce annual cost savings of $346 million by 2006, the company said.
RWE, based in the western German city of Essen, currently has some 138,000 employees worldwide. The company gave no details of where the cuts would be made, but a Kentucky-American executive said the cuts would not...
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